Renew Energy Global PLC (RNW) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the ReNew second-quarter fiscal year '26 earnings report. (Operator Instructions)

感謝您的耐心等待，歡迎收看 ReNew 2026 財年第二季財報。（操作說明）

I would now like to hand the conference over to Anunay Shahi, Head of IR. Please go ahead.

現在我將把會議交給投資者關係主管阿努奈·沙希。請繼續。

Thank you. Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing results for fiscal 2026 second quarter and the half year ended September 30, 2025. A copy of the press release and the earnings presentation is available in the Investor Relations section on ReNew's website at www.renew.com.

謝謝。謝謝。各位早安，感謝大家今天收看我們的節目。我們已發布新聞稿，公佈了截至 2025 年 9 月 30 日的 2026 財年第二季和上半年業績。新聞稿和收益報告的副本可在 ReNew 網站 www.renew.com 的投資者關係部分取得。

With me today again are Sumant Sinha, our Founder, Chairman and CEO; Kailash Vaswani, the CFO; and Vaishali Nigam Sinha, Co-Founder, ReNew and Chairperson, Sustainability. After the prepared remarks, we expect -- which we expect will take close to half an hour, we will open the call for questions. As per usual, please note that our safe harbor statements are contained within our press release, presentation materials and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements.

今天再次與我在一起的還有我們的創辦人、董事長兼執行長 Sumant Sinha；財務長 Kailash Vaswani；以及 ReNew 聯合創辦人兼永續發展主席 Vaishali Nigam Sinha。在準備好的發言結束後（預計耗時近半小時），我們將開放提問環節。與往常一樣，請注意，我們的安全港聲明包含在我們的新聞稿、簡報資料和我們網站上提供的資料中。這些陳述非常重要，是我們所有發言不可或缺的一部分。存在一些風險和不確定性，可能導致我們的實際結果與此類前瞻性聲明中明示或暗示的結果有重大差異。

So we encourage you to review the press release we furnished in our Form 6-K and the presentation on our website for a more complete description. Also contained in our press release, presentation materials and annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures, and these reconciliations are also available on our website in the press release, presentation materials and our annual report.

因此，我們建議您查看我們在 6-K 表格中提供的媒體稿和我們網站上的演示文稿，以獲取更完整的說明。此外，我們的新聞稿、簡報資料和年度報告中還包含一些非 IFRS 指標，我們已將這些指標與最可比較的 IFRS 指標進行了調整，這些調整結果也可在我們的網站上的新聞稿、簡報資料和年度報告中找到。

With that being said, it's now my pleasure to hand it over to our CEO, Sumant Sinha.

接下來，我很高興將麥克風交給我們的執行長蘇曼特·辛哈。

Yes. Hi. Thank you, Anunay. Good morning, good evening to everybody. I'm glad to have you all on our earnings call for the second quarter and for the first half of fiscal 2026.

是的。你好。謝謝你，阿努奈。各位早安，各位晚上好。很高興各位參加我們2026財年第二季及上半年的業績電話會議。

While we continue to see global macroeconomic and trade-related volatility, the situation in India remains relatively benign. S&P has upgraded India's long-term credit rating, and the inflation remains low, providing scope for further rate cuts by the Reserve Bank of India. There is also expectation of an Indo-U.S. trade deal being concluded and announced in the near future. Coming to the energy sector, we also have seen an unusual trend in climatic emissions this year in India.

儘管全球宏觀經濟和貿易相關波動持續存在，但印度的情況仍然相對溫和。標準普爾上調了印度的長期信用評級，且通膨率仍然很低，這為印度儲備銀行進一步降息提供了空間。人們也預期印美貿易協定將在不久的將來達成並宣布。就能源領域而言，今年印度的氣候排放也出現了不尋常的趨勢。

There has been an extended selloff the monsoons, resulting in more muted power demand growth as well as lower solar PLFs compared to last year. On the policy front, in a welcome move, the government of India took a significant step and reduced the goods and services tax on most items in the renewable energy sector from 12% to 5%. This should further increase the affordability of clean energy, which was anyway the cheapest source of electricity in India. As a company, we continue to deliver profitable growth, deliver on project execution as well as demonstrate capital discipline in delivering returns significantly above our cost of capital. Turning to our highlights for the quarter.

季風帶來的拋售潮持續時間較長，導致電力需求成長較為溫和，太陽能發電量也比去年下降。在政策方面，值得歡迎的是，印度政府採取了一項重大舉措，將再生能源領域大多數商品和服務的稅率從 12% 降至 5%。這將進一步提高清潔能源的經濟性，而清潔能源原本就是印度最便宜的電力來源。作為一家公司，我們持續實現獲利成長，按時完成項目，並在資本管理方面展現出嚴格的紀律，從而獲得遠高於資本成本的回報。接下來回顧本季的亮點。

Since October of last year, we have commissioned over 2.1 gigawatts of renewable energy capacity, marking a 22% growth in our portfolio after adjusting for the asset sales over the period. We continue to expand our committed portfolio and have signed PPAs for 3.8 gigawatts of installed renewable energy capacity over the past 4 quarters for projects that should provide returns towards the higher end of our targeted IRR range, if not better. We, therefore, reiterate our FY26 megawatt guidance and are on track to complete construction of 1.6 to 2.4 gigawatts of capacity in fiscal 2026. Turning to our financial highlights. We continue to demonstrate strong financial performance, delivering adjusted EBITDA of INR53.5 billion, which is a 24% growth year-on-year for the first half of the fiscal year ended March 31, 2026.

自去年 10 月以來，我們已投產超過 2.1 吉瓦的再生能源發電容量，扣除同期資產出售後，我們的投資組合成長了 22%。我們持續擴大已承諾的投資組合，並在過去 4 個季度簽署了 3.8 吉瓦已安裝可再生能源容量的購電協議，這些項目即使不能達到我們目標內部收益率範圍的上限，也應該能夠帶來更高的回報。因此，我們重申 2026 財年兆瓦裝置容量預期，並預計在 2026 財年完成 1.6 至 2.4 吉瓦的裝置容量建設。接下來是我們的財務亮點。我們持續展現強勁的財務業績，截至 2026 年 3 月 31 日的財年上半年，調整後 EBITDA 為 535 億印度盧比，較去年同期成長 24%。

We have also meaningfully improved our leverage metrics for operational projects, and we reaffirm our fiscal year 2026 adjusted EBITDA guidance of INR87 billion to INR93 billion. Our manufacturing business comprising of an operational capacity of 6.4 gigawatts of modules and 2.5 gigawatts of cells is fully stabilized and produced over 2 gigawatts of modules and over 900 megawatts of cells in H1 FY26. Manufacturing also made a meaningful contribution of INR3.3 billion towards adjusted EBITDA for the quarter, which adds up to INR8.6 billion for the first 6 months of fiscal year 2026. As a result, we are revising our FY26 adjusted EBITDA guidance for manufacturing upwards to INR10 billion to INR12 billion. We are also steadfast in our ESG commitments as showcased by the rating of 83 out of 100 in the S&P Global Corporate Sustainability Assessment, which we received recently.

我們也大幅提高了營運項目的槓桿指標，並重申 2026 財年調整後 EBITDA 預期為 870 億至 930 億印度盧比。我們的製造業務包括 6.4 吉瓦的組件和 2.5 吉瓦的電池的營運能力，目前已完全穩定，並在 2026 財年上半年生產了超過 2 吉瓦的組件和超過 900 兆瓦的電池。製造業也為本季調整後的 EBITDA 貢獻了 33 億印度盧比，2026 財年上半年累計達 86 億印度盧比。因此，我們將 2026 財年製造業調整後 EBITDA 預期上調至 100 億至 120 億印度盧比。我們在環境、社會和治理 (ESG) 方面也堅定不移，最近我們在標普全球企業永續發展評估中獲得了 83 分（滿分 100 分）的成績，就證明了這一點。

This is the highest ever by any Indian IPP. We were also recognized in the Fortune Global Change the World list 2025 for the third time. We have also published our inaugural climate risk and biodiversity risk reports aligned with the TCFD and TNFD frameworks, indicating our continued push towards transparency and governance. Turning to Page 9. Execution is our topmost priority and a key differentiator for us.

這是印度獨立發電廠有史以來最高的發電量。我們第三次榮登《財星》雜誌2025年全球改變世界企業榜單。我們也發布了首份符合 TCFD 和 TNFD 框架的氣候風險和生物多樣性風險報告，顯示我們將繼續努力提高透明度和加強治理。翻到第9頁。執行力是我們的首要任務，也是我們脫穎而出的關鍵因素。

We have commissioned over 2.1 gigawatts of capacity over the last 12 months or so, and reiterate our guidance to complete the construction of 1.6 to 2.4 gigawatts for fiscal year 2026. Year-to-date, we have commissioned more than 1.2 gigawatts, which are split into approximately 750 megawatts of solar capacity and nearly 500 megawatts of wind. In addition, we have over 500 megawatts of solar capacity that has already been erected and will enable us to meet our construction targets. While there has been some lull in the bidding environment, we believe that this is cyclical as most IPP players have already been able to build pipelines that will be executed in the next 4 or 5 years. Turning to Page 10.

在過去的 12 個月左右，我們已經投產了超過 2.1 吉瓦的發電容量，並重申我們的指導方針，即在 2026 財年完成 1.6 至 2.4 吉瓦的建設。今年迄今為止，我們已經投產了超過 1.2 吉瓦的電力，其中約 750 兆瓦為太陽能發電容量，近 500 兆瓦為風能發電容量。此外，我們已經建造了超過 500 兆瓦的太陽能發電容量，這將使我們能夠實現我們的建設目標。雖然競標環境出現了一些低迷，但我們認為這是週期性的，因為大多數獨立發電企業已經能夠建立將在未來 4 到 5 年內實施的管道項目。翻到第10頁。

Our solar manufacturing facilities are now operating at full tilt. We are currently producing over 12 megawatts of modules and 5 megawatts of cells on a daily basis. In the first half of this year, we produced close to 2 gigawatts of modules, operating at high utilization and efficiency levels. We currently have third-party orders to sell approximately 650 megawatts this fiscal with close to 1.5 gigawatts already delivered this year. In September 2025, we also closed the $100 million investment from British International Investments, which will primarily be used for expansion of the cell facility.

我們的太陽能製造工廠目前正滿載運作。我們目前每天生產超過 12 兆瓦的組件和 5 兆瓦的電池。今年上半年，我們生產了近 2 吉瓦的組件，實現了高利用率和高效率運作。本財年我們已收到第三方訂單，預計售出約 650 兆瓦電力，而今年已交付近 1.5 吉瓦電力。2025 年 9 月，我們也完成了來自英國國際投資公司的 1 億美元投資，這筆資金將主要用於擴大細胞設施。

We are pleased to say that the construction of our new 4-gigawatt TOPCon cell facility is on track with the land acquisition, engineering and machinery orders completed and the civil works well underway. Our manufacturing business has started contributing meaningfully to the consolidated P&L by delivering an adjusted EBITDA of INR3.3 billion this quarter at a margin of over 30%. The EBITDA contribution in this quarter has moderated as compared to the previous quarter due to a higher percentage of captive sales. In addition, the margins are slightly higher due to some cost savings and procurements ahead of time, which may normalize as this year progresses.

我們很高興地宣布，我們新的 4 吉瓦 TOPCon 電池工廠的建設進展順利，土地徵用、工程和機械訂單均已完成，土木工程也正在順利進行中。我們的製造業務已開始對合併損益表做出實質貢獻，本季調整後的 EBITDA 為 33 億印度盧比，利潤率超過 30%。由於自營銷售額佔比較高，本季 EBITDA 貢獻較上一季下降。此外，由於提前進行了一些成本節約和採購，利潤率略高，但隨著今年的推進，這種情況可能會恢復正常。

Now let me hand it over to Kailash to talk more about the financial highlights.

現在讓我把麥克風交給凱拉什，讓他來詳細介紹財務亮點。

Thank you, Sumant. Turning to Page 12. We continue to deliver consistent profitable growth. Since the same time last year, we have constructed over 2.1 gigawatt of projects, representing a 22% increase in operating capacity after adjusting for the 600 megawatts sold during the trailing 12 months. This year, so far, we have commissioned over 1.2 gigawatts of renewable energy capacity.

謝謝你，蘇曼特。翻到第12頁。我們持續獲利成長。自去年同期以來，我們已建成超過 2.1 吉瓦的項目，扣除過去 12 個月售出的 600 兆瓦電力後，營運容量增加了 22%。今年到目前為止，我們已經投產了超過 1.2 吉瓦的再生能源發電容量。

Our revenue increased by over 50% for H1 of this fiscal compared to last year due to increase in megawatts and a meaningful contribution from third-party sales in our manufacturing business. Turning to Page 12 and the EBITDA walk. We saw subdued PLFs this quarter due to lower irradiation from an extended sale of monsoon, resulting in a net negative impact of INR1.7 billion for the quarter compared to last year. The new projects that we commissioned over the last 12 months contributed INR2.5 billion to our adjusted EBITDA, while the manufacturing business provided INR3.3 billion. Over the past year, we have sold 600 megawatts of solar assets as well as a transmission project, contribution from which was also absent in the adjusted EBITDA from -- for this quarter.

由於兆瓦數的增加以及製造業務中第三方銷售的顯著貢獻，本財年上半年我們的收入比去年同期增長了 50% 以上。翻到第 12 頁，了解 EBITDA 情況。由於季風持續時間延長導致輻射量降低，本季 PLF 值下降，與去年同期相比，淨負面影響達 17 億印度盧比。在過去 12 個月裡，我們委託的新項目為我們的調整後 EBITDA 貢獻了 25 億印度盧比，而製造業業務貢獻了 33 億印度盧比。過去一年，我們出售了 600 兆瓦的太陽能資產以及一個輸電項目，這些資產和項目的貢獻在本季度的調整後 EBITDA 中也沒有體現。

Turning to leverage. The headline leverage continues to decline significantly and consistently, having reduced from 8.6 in September '24 to 7 in September '25. Leverage at the operating asset level also continues to be below the 6x threshold that we have set. On a trailing 12-month basis, the leverage was around 5.5x, excluding our under-construction portfolio and the contribution from our JV partners. Do note that our trailing 12-month EBITDA is not reflective of the run rate EBITDA for these assets as many of these assets have less than 1 year of operation.

轉而利用槓桿。主要槓桿率繼續大幅且持續下降，從 2024 年 9 月的 8.6 降至 2025 年 9 月的 7。營運資產層面的槓桿率也持續低於我們設定的 6 倍門檻。以過去 12 個月計算，槓桿率約為 5.5 倍，不包括我們在建專案組合和合資夥伴的貢獻。請注意，我們過去 12 個月的 EBITDA 並不能反映這些資產的 EBITDA 運作率，因為其中許多資產的營運時間不足 1 年。

We continue to focus all options -- we continue to pursue all options that will improve our leverage ratio at the consolidated levels such as asset recycling, cost optimization and reduction in the corporate debt. During the quarter, there was also favorable macro news with S&P upgrading India's long-term ratings to BBB from BBB-, which was the first upgrade in almost 18 years. There was also a reduction in GST rates by the Government of India. There are also further expectations of rate cut by RBI, which should also get transmitted to our future borrowing costs.

我們將繼續關注所有選項——我們將繼續尋求所有能夠改善我們合併層面槓桿率的選項，例如資產回收、成本優化和減少公司債務。本季還有利好的宏觀經濟消息，標普將印度的長期評級從 BBB- 上調至 BBB，這是近 18 年來的首次評級上調。印度政府也降低了商品及服務稅（GST）稅率。市場也預期印度儲備銀行將進一步降息，而這也將傳導至我們未來的借貸成本。

Let me now hand it over to Vaishali for comments on ESG.

現在我把麥克風交給Vaishali，請她對ESG問題發表評論。

Thanks, Kailash. Turning to Page 15. Let's look at the advancement in ReNew's sustainability initiatives and targets. The global landscape is shifting quickly towards mandatory regulations as climate impacts intensify. In India, recent reports highlight extremely challenges, while events such as the August 2025 floods in Uttarakhand and Punjab, along with severe AQI levels in Delhi, underscore the urgent need for action and resilience.

謝謝你，凱拉什。翻到第15頁。讓我們來看看ReNew在永續發展措施和目標方面的進展。隨著氣候影響加劇，全球格局正迅速轉向強制法規轉變。在印度，最近的報告凸顯了極其嚴峻的挑戰，而像 2025 年 8 月北阿坎德邦和旁遮普邦的洪水，以及德里嚴重的空氣品質指數等事件，都強調了採取行動和增強韌性的迫切需求。

At ReNew, we remain steadfast in our mission to lead with purpose and resilience. Our continued commitment to purpose-driven sustainability continues to deliver results, reflected most recently in our standout performance in the prestigious S&P Global CSA assessment, which is one of the key highlights of this quarter. We achieved a score of 83, our highest ever, marking a 14% year-on-year improvement and more than doubling our score since our fiscal year '22 debut. This makes ReNew the highest rated India-based energy company and places us amongst the top 10% of energy companies globally. This milestone reflects the depth and breadth of our overall climate strategy, human rights and our continued commitment to transparency and ethical governance.

在 ReNew，我們始終堅定不移地履行我們的使命，以目標和韌性引領未來。我們對以目標為導向的永續發展的持續承諾不斷帶來成果，最近我們在享有盛譽的標普全球CSA評估中表現出色，這是本季度的主要亮點之一。我們獲得了 83 分，這是我們有史以來的最高分，比上一年提高了 14%，比 2022 財年首次亮相時的分數提高了一倍多。這使得ReNew成為印度評級最高的能源公司，並躋身全球能源公司前10%之列。這一里程碑體現了我們整體氣候策略、人權以及我們對透明度和道德治理的持續承諾的深度和廣度。

In terms of awards and recognitions, as was mentioned earlier, Fortune Change the World list 2025 in that ReNew has been recognized in this prestigious list for the third time. This marks our second consecutive recognition for a community water-related initiative in Rajasthan. Forbes Sustainability Leaders, ReNew's Chairman and CEO, Sumant Sinha, was named amongst the top 50 climate leaders globally, reinforcing ReNew's leadership in sustainability movement. On the reporting front, we published our inaugural climate risk report aligned with IFRS S2 and TCFD, outlining key climate-related risks and opportunities. We also released our first nature risk report aligned with TNFD, identifying nature-related risks and opportunities critical to our long-term resilience.

在獎項和榮譽方面，正如前面提到的，ReNew 第三次榮登《財富》雜誌「改變世界 2025」榜單。這是拉賈斯坦邦社區水資源相關計畫連續第二次獲得表揚。ReNew 的董事長兼執行長 Sumant Sinha 被評為福布斯永續發展領袖全球 50 位頂級氣候領袖之一，進一步鞏固了 ReNew 在永續發展運動中的領導地位。在報告方面，我們發布了首份符合 IFRS S2 和 TCFD 標準的氣候風險報告，概述了與氣候相關的主要風險和機會。我們也發布了第一份與 TNFD 一致的自然風險報告，確定了與自然相關的風險和機遇，這對我們的長期韌性至關重要。

Now turning to Page 16 to see the progress made across our ESG targets. We remain fully committed to our sustainability road map and have made meaningful progress across overall sustainability goals. We have achieved an 18.2% reduction in our Scope 1 and 2 emissions from the baseline. And as part of a pilot study, 2 of our sites have become water positive. Social responsibility remains at the heart of our work.

現在翻到第 16 頁，看看我們在 ESG 目標上的進展。我們始終堅定不移地致力於永續發展路線圖，並在整體永續發展目標方面取得了顯著進展。與基準相比，我們的範圍 1 和範圍 2 排放量減少了 18.2%。作為試點研究的一部分，我們的 2 個站點已經實現了水資源正效益。社會責任始終是我們工作的核心。

We strongly believe that a just energy transition must empower those at the grassroots, and we continue to upskill and train women and coal mine workers in green technologies. Diversity forms a core aspect of our overall sustainability strategy, and our full-time employee diversity now stands at approximately 16.2%. Our S&P Global CSA score of 83 continues to reflect our leadership in sustainability. We are currently awaiting results from other ESG ratings and will disclose progress across all ratings in our upcoming meetings. As we move forward, we remain committed to delivering sustainable growth and driving positive change across the world.

我們堅信，公正的能源轉型必須賦予基層人民權力，我們將繼續提升婦女和煤礦工人的技能，並對他們進行綠色技術培訓。多元化是我們整體永續發展策略的核心組成部分，目前我們全職員工的多元化程度約為 16.2%。我們的標普全球CSA評分為83分，持續體現了我們在永續發展領域的領先地位。我們目前正在等待其他 ESG 評級結果，並將在即將召開的會議上公佈所有評級的進度。展望未來，我們將繼續致力於實現永續成長，並在全球範圍內推動積極變革。

I will now turn it back to Kailash.

現在我要把它轉回岡仁波齊峰。

Thank you, Vaishali. Turning to guidance for the fiscal year ended March 31, 2026. We reiterate our guidance provided earlier. We expect to be at the higher end of the adjusted EBITDA guidance range of INR87 billion to INR93 billion, subject to weather staying on track for the remaining of the year. We also expect to construct 1.6 to 2.4 gigawatt of our projects during the year and generate cash flow to equity of INR14 billion to INR17 billion.

謝謝你，瓦伊沙利。接下來展望截至 2026 年 3 月 31 日的財政年度。我們重申之前提供的指導意見。我們預計調整後的 EBITDA 將達到 870 億至 930 億印度盧比預期範圍的高端，前提是今年剩餘時間天氣狀況保持正常。我們也預計，今年將建造 1.6 至 2.4 吉瓦的項目，並產生 140 億至 170 億印度盧比的股權現金流。

During the first half of this fiscal, while we saw marginally better wind PLF versus last year on account of the extended monsoon, we saw significantly lower PLFs in solar, resulting in overall lower PLF year-on-year. Our overall consolidated adjusted EBITDA has also benefited from the performance of our manufacturing business, wherein we have increased the range of EBITDA contribution by INR2 billion, revising the guidance to INR10 billion to INR12 billion for the remaining part of the year.

在本財年的上半年，雖然由於季風持續時間延長，風能發電率比去年略有提高，但太陽能發電率卻顯著下降，導致整體發電率年減。我們整體的合併調整後 EBITDA 也受益於我們製造業業務的良好表現，其中 EBITDA 貢獻範圍增加了 20 億印度盧比，因此我們將今年剩餘時間的 EBITDA 貢獻預期調整為 100 億至 120 億印度盧比。

With that, we will be happy to take questions.

接下來，我們將樂意回答大家的問題。

(Operator Instructions) Justin Clare, ROTH Capital Partners.

（操作員說明）賈斯汀·克萊爾，ROTH Capital Partners。

I wanted to start here just on the progress that you continue to make on the contracting side. So I think 3.8 gigawatts of PPAs signed over the last 12 months. Could you just comment on the contracting environment, your expectations for additional PPA signings over the next few quarters? And then do you have any sense for when you might contract the entire 25-gigawatt pipeline that you currently have secured.

我想先談談你們在承包方面持續取得的進展。所以我認為過去 12 個月簽署了 3.8 吉瓦的購電協議。您能否談談目前的合約環境，以及您對未來幾季新增購電協議的預期？那麼，您有沒有預估一下何時能將目前已落實的 25 吉瓦輸電線路全部簽訂合約？

Sumant, would you like to take that?

蘇曼特，你想拿嗎？

Yes. Okay. Justin. Yes. Look, we've made some good progress on our PPA signings over the last 12 months.

是的。好的。賈斯汀。是的。你看，過去 12 個月裡，我們在購電協議簽署方面取得了一些不錯的進展。

And we have approximately, as you know, about 6 gigawatts of LOAs that we would hope a substantial chunk of that would convert into PPAs. It's hard to give you a specific visibility on it because PPAs get signed when they do based on feedback from the DISCOMs. Our expectation would be that over the next 6 months or so, a reasonable chunk, and it's very hard for me to hazard exactly how much of this 6 would get signed. And it's very hard to give a specific indication as to when all of it might get converted. I think we just have to be patient, and we have to continue to work with the DISCOMs.

如您所知，我們大約有 6 吉瓦的 LOA，我們希望其中相當一部分能夠轉化為 PPA。很難給出具體的進展情況，因為購電協議的簽署時間取決於配電公司的回饋。我們預計在接下來的 6 個月左右的時間裡，會有相當一部分球員簽約，但我很難準確預測這 6 人中會有多少人最終簽約。很難具體預測何時才能全部轉換完成。我認為我們只需要保持耐心，並繼續與配電公司合作。

A lot of that capacity is the more structured products, and that does take time for DISCOMs to essentially convert on because they need to do a lot of diligence and work. The other thing also is that a lot of the capacity is for execution out to 2029, 2030 and so on. And there, we have to work very closely with the DISCOMs to see what the requirements are, see if we can prepone some of that capacity or not. So there is a lot of conversation and dialogue going on with the DISCOMs through the REIAs, the bidding agencies to convert this capacity. But it's hard to give you a very specific time line as to when all of that will be converted at this point.

其中許多產能都屬於結構化產品，而配電公司需要時間才能真正轉型，因為他們需要進行大量的盡職調查和工作。另外，很多產能都是為了執行到 2029 年、2030 年及以後的專案。因此，我們必須與配電公司密切合作，了解需求，看看我們是否可以提前提供一些產能。因此，透過房地產投資協會（REIA）和競標機構，與配電公司（DISCOM）進行了大量對話和交流，以轉換這些容量。但目前很難給出所有這些轉換的具體時間表。

Okay. Got it. That's helpful. And then I guess just thinking through your pipeline here. I was wondering if you could just update us on the transmission status for the projects in your pipeline, especially as you go out into 2029, 2030.

好的。知道了。那很有幫助。然後我想，你只需要仔細考慮你的流程。我想請您更新您正在籌備的專案的傳輸狀態，特別是到 2029 年、2030 年的情況。

And maybe help us understand the remaining risks in securing the transmission necessary for your assets?

或許還能幫助我們了解在保障您的資產傳輸安全方面仍存在的風險？

Yes. So we have most of the transmission in place because the moment you win a bid and you get to the letter of award, you are allowed to go and block connectivity. So we've actually blocked connectivity for the entire 25 gigawatts, plus you're also allowed to block connectivity based on acquiring land, which is not linked to a specific project. So we've blocked a fair amount of connectivity basis that as well, which is not linked to a specific project. Now as I said, what is happening is that some of the DISCOMs are coming back and saying that, look, if the projects are to be constructed based on transmission coming up in '29 or '30, that may be too far away for us.

是的。所以我們已經完成了大部分傳輸工作，因為一旦你得標並拿到授標函，你就有權封鎖連線。因此，我們實際上已經封鎖了整個 25 吉瓦的網路連接，此外，你們還可以基於土地收購來封鎖網路連接，而這與特定項目無關。因此，我們也封鎖了相當一部分連接，但這與特定項目無關。正如我剛才所說，現在的情況是，一些配電公司回來表示，如果這些項目要按照 2029 年或 2030 年的輸電計劃來建設，那對我們來說可能太遙遠了。

So can you give us the projects a little faster. So we are seeing where we have the flexibility of converting the existing transmission connectivity that we have, which is further out to, in some ways, try to replace that with some of the land-based connectivity that we have, which may be coming up sooner. And so that is -- that is work that we are doing to see which of those PPAs we want to actually prepone using the land-based connectivity that we have. So that gives us a lot of flexibility actually, in terms of allowing us to convert some of those LOAs into PPAs at an earlier stage. But of course, land-based connectivity at this point is a very scarce commodity and it's very valuable.

所以，你們能不能加快專案進度？因此，我們正在考慮如何靈活地轉換我們現有的、較遠距離的輸電連接，並在某種程度上嘗試用我們現有的、可能更快建成的陸上連接來取代它。所以，這就是我們正在做的工作，目的是看看我們想要利用現有的陸上連接來提前簽署哪些購電協議。因此，這實際上給了我們很大的靈活性，使我們能夠在早期階段將一些採購意向書 (LOA) 轉換為購電協議 (PPA)。當然，目前陸上交通連結是一種非常稀缺的資源，非常寶貴。

So we want to use it very carefully.

所以我們要非常謹慎地使用它。

Okay. Appreciate it. And then just one more on the manufacturing business, the solar manufacturing. EBITDA margin, it looks like it moved lower to 33% in fiscal Q2 from 40% in Q1. I think in your prepared remarks, you mentioned that maybe a higher mix of captive sales, but I wanted to better understand what drove the decline.

好的。謝謝。最後再補充一點關於製造業的內容，也就是太陽能製造業。EBITDA利潤率似乎從第一季的40%下降到第二季的33%。我認為您在事先準備好的發言稿中提到，可能是由於自營銷售佔比較高，但我希望更好地了解導致下降的原因。

So maybe you could just expand on that a little bit. And then if you have -- if you could provide your expectations for how EBITDA margins might trend into the back half, that would be helpful.

或許您可以再詳細闡述。如果您能提供您對下半年 EBITDA 利潤率趨勢的預期，那就太好了。

Yes. So --

是的。所以--

Kailash, do you want to take that.

凱拉什，你想帶走它嗎？

Yes. Yes. So see, Justin, the captive sales don't really have an impact on the reported EBITDA margins because when we report our numbers, we only report for third-party manufacturing sales. Obviously, quarter 1 was exceptional. We had better realizations.

是的。是的。所以你看，賈斯汀，自營銷售實際上對報告的 EBITDA 利潤率沒有影響，因為我們在報告數據時，只報告第三方製造銷售額。顯然，第一季表現非常出色。我們有了更清楚的體悟。

And to that extent, the margins were high. But obviously, quarter 2 is a relatively leaner month when it comes to sales. So to the extent we were producing, we were also selling at the same time. So that's why there was some impact in terms of realizations, which caused the margins to be lower. Secondly, also in quarter 1, we had done some strategic procurement earlier before the prices went higher for wafers and all, and some of the other key equipment to make cells and modules.

從這個意義上講，利潤率很高。但很顯然，第二季銷售額相對較低。因此，在我們生產的同時，我們也在進行銷售。所以這就是為什麼在實現方面受到了一些影響，導致利潤率下降的原因。其次，在第一季度，我們也進行了一些策略性採購，當時晶圓和其他一些用於製造電池和組件的關鍵設備的價格還沒有上漲。

So I think that we saw it play out in quarter 1. Quarter 2 was obviously with the revised pricing that we got on our procurement side.

所以我覺得我們在第一季就看到了這種情況。第二季顯然是受到了我們採購方面調整後的價格的影響。

Nikhil Nigania, Bernstein.

尼加尼亞，伯恩斯坦。

My first question, just continuing on the discussion on the solar manufacturing bit. Would be great if you could share some time lines on the expected commissioning for the cell expansion? And also, if there are any plans to enter ingot wafer given the guidance government has given?

我的第一個問題，繼續討論太陽能製造方面的話題。如果您能分享一下電池擴建專案的預計調試時間表，那就太好了！另外，鑑於政府給予的指導意見，是否有任何進入晶錠領域的計畫？

So Nikhil, on cell expansion -- we are currently in advanced stages in terms of land acquisition and placing some of the key equipment orders. So we expect that we'll start the pre-commissioning happen by same time next year. And I think the full commissioning would happen perhaps by the end of fiscal '27. And in terms of plans on wafer, the notification is relatively new. We will obviously see what the merits of that expansion would be and then accordingly decide if we want to expand into wafer ingots.

所以 Nikhil，關於電池擴建——我們目前在土地收購和一些關鍵設備訂單方面都處於後期階段。因此，我們預計明年同期將開始調試前準備工作。我認為全面調試工作可能會在 2027 財政年度結束時完成。就晶圓計劃而言，該通知是相對較新的。我們當然會看看這種擴張的利弊，然後據此決定是否要擴展到晶圓錠領域。

Understood. The second question I had on the manufacturing bit is we hear that there has been some softening in prices on the non-DCR modules, whereas DCR remains strong heading into this quarter as well. Would you agree to those points -- on both those points?

明白了。關於製造方面的第二個問題是，我們聽說非DCR模組的價格有所回落，而DCR模組在本季度仍然保持強勁。你是否同意這兩點？

Yes, Nikhil, again, along expected lines, I would say, as more capacity has come online, that sort of trend -- does tend to play out. But also there's a factor of seasonality where it was a lean season in terms of construction activity. So we saw some slowdown in sales. So obviously, prices also could have moved down a little bit. Let's see how the rest of the year pans out.

是的，Nikhil，正如預期的那樣，隨著更多產能投入使用，這種趨勢確實會逐漸顯現。但同時也存在季節性因素，因為那段時間是建築活動的淡季。所以我們看到銷售成長放緩。所以很顯然，價格也可能略有下降。讓我們看看今年剩下的時間會如何發展。

But again, as capacity comes up, the super normal margins that we were getting would have corrected over a period of time in any case. And on the DCR side also, I would say that while right now, there's no immediate concern, but there is more capacity coming online on the sell side also. So again, the margins would go to normalized levels over a period of time.

但話說回來，隨著產能的提升，我們先前獲得的超常利潤率無論如何都會在一段時間內得到糾正。就DCR方面而言，雖然目前沒有直接的擔憂，但賣方方面也有更多產能上線。所以，隨著時間的推移，利潤率會恢復到正常水準。

Perfect. Very helpful on the manufacturing bit. My second question then was on the renewable assets. If I look at the committed pipeline of 7 gigawatts, which is to be built out, there is about 2 gigawatts of solar where I think the time line clarity is better. But the balance 5 gigawatt seems to be the complex projects, FDRE, RTC where the time line given is 2 years from PPA subject to transmission.

完美的。對生產製造方面很有幫助。我的第二個問題是關於再生能源資產的。如果我看一下已承諾建造的 7 吉瓦項目，其中大約有 2 吉瓦的太陽能項目，我認為這些項目的進度安排比較清晰。但剩餘的 5 吉瓦似乎是複雜的項目，例如 FDRE 和 RTC，其時間表為從購電協議簽訂之日起 2 年，具體取決於輸電情況。

So I would appreciate if you could give some more color on when do you expect this balance capacity to come online, the committed pipeline in the complex FDRE, RTC part with a substantial number.

因此，如果您能詳細說明您預計何時能將這部分平衡容量上線，以及複雜的 FDRE 和 RTC 部分中數量可觀的已承諾管道，我將不勝感激。

So on the committed pipeline side, we are expecting some of the transmission projects are yet to be awarded. So we won't have the exact sense of what the time lines on those would be. But again, given our understanding as it stands currently, by FY29 is when most of it would get done and some part only could overflow beyond that.

因此，在已承諾的管道建設方面，我們預計一些輸電項目尚未授標。因此，我們無法確切了解這些事項的具體時間表。但根據我們目前的了解，到 2029 財年大部分工作就能完成，只有部分工作可能會延長。

Understood. So then is there a possibility that if I spread this 7 gigawatts till FY29, there could be a drop in capacity addition in FY27 or FY28?

明白了。那麼，如果我將這 7 吉瓦的新增容量分攤到 2029 財年，是否有可能在 2027 財年或 2028 財年出現容量下降？

No, we continue to build on the pipeline, Nikhil. And also there will be within the state, intrastate type of projects, which we could evaluate and participate in some of those auctions or do C&I. So I think as a company, we have been on this capacity addition trajectory. So I don't see any reason why that should change because of connectivity not being available.

不，我們會繼續推進管道建設，尼基爾。此外，州內也會有一些州內項目，我們可以評估這些項目，並參與其中一些拍賣或進行工商業項目。所以我認為，作為一家公司，我們一直走在產能擴張的道路上。所以，我不認為網路連線中斷會導致這種情況改變。

Got it. And directly, if you could tell me, have things got better on transmission project completion or right of way for that part? Or is it similar to where it was last year?

知道了。另外，您能否直接告訴我，輸電線路工程的完工情況或相關路權問題是否有改善？或者說，它和去年的情況類似？

Hard to tell because every project -- every transmission project has a different qualities where it either gets done on time or later. But the situation on the ground is that in Rajasthan, which was relatively easier in terms of execution, some ROW issues have been coming up there also.

很難說，因為每個項目－每個輸電項目都有不同的特點，有的能準時完成，有的則會延期。但實際情況是，在執行起來相對容易的拉賈斯坦邦，也出現了一些道路通行權問題。

Got it. That's helpful. My last question was then on the future or the ongoing bidding. We see a lot of battery energy storage tenders happening. And I mean, to us, the bids seem quite aggressive, but wanted to hear your thoughts if ReNew feels similar, and that's why ReNew has not been very active on that front.

知道了。那很有幫助。我最後一個問題是關於未來的競標情況。我們看到很多電池儲能項目的招標正在進行中。我的意思是，在我們看來，這些競標似乎相當激進，但想聽聽你們的看法，ReNew 是否也有類似的看法，而這正是 ReNew 在這方面不太活躍的原因。

That's absolutely correct. It's -- our actions are reflective of what our belief is.

完全正確。也就是說──我們的行為反映了我們的信念。

Puneet Gulati, HSBC.

Puneet Gulati，匯豐銀行。

My first question is if you can talk a bit about whether you also experienced any curtailment during the last quarter and what was the extent of that?

我的第一個問題是，您能否談談上個季度您是否也經歷了任何減產，以及減產的程度如何？

Sumant, would you like to take that?

蘇曼特，你想拿嗎？

Yes, sure. No, no, we did experience some curtailment in some of our projects in Rajasthan, Puneet. And the extent of that was about INR100 crores in terms of actual rupee number in the first half. These are linked to projects where we have --

當然可以。不，不，我們在拉賈斯坦邦的一些項目確實受到了一些影響，普尼特。上半年，實際金額（以盧比計）約為 100 億印度盧比。這些與我們正在進行的項目有關。--

Of revenue.

收入。

Yes. Of revenue, yes. So these are linked to projects where we have PG&A, where the substation is ready and so we have to connect. But sometimes the back-end lines are not ready to give us the full G&A. I think this will continue to some extent until some of those back-end lines are done, which will probably happen in the next couple of months.

是的。是的，就收入而言。所以這些都與我們有PG&A的專案有關，變電站已經準備就緒，所以我們必須進行連接。但有時後端線路無法提供完整的管理費用和行政費用。我認為這種情況會持續一段時間，直到一些後端線路完成為止，而後端線路的完成可能會在接下來的幾個月內發生。

So at least in those areas, that curtailment will go down.

所以至少在這些地區，這種限制將會減少。

Okay. That's very clear. And in terms of just absolute power capacity, what number would that be in terms of curtailment?

好的。這一點很清楚。如果僅就絕對發電容量而言，削減量會是多少？

So assume an average tariff of maybe INR3.50 to INR4.

假設平均關稅約為 3.50 至 4 印度盧比。

Okay.

好的。

So it will probably be whatever units were passed through.

所以很可能就是通過的那些單位的數量。

Yes. Yes. Secondly, on the connectivity side, you have the target of 1.6 to 2.1 for this year. Is connectivity ready for all these projects up to 2.1? Or is it still where you are banking on timely commissioning of connectivity.

是的。是的。其次，在連結性方面，今年的目標是 1.6 到 2.1。所有這些項目（最高到 2.1 版本）的連線是否都已準備就緒？或者，你們仍然寄望於網路連線能夠及時開通？

I would say most of it is very. There is one, of course, issue that is currently going on, which is the Great Indian Bustard issue that the Supreme Court is opining on. I think that is the only externality that we are facing in these projects. But hopefully, that gets resolved, and therefore, that doesn't end up being a constraining factor. But regardless, even if there is a delay, it will be a delay of a month or 2 months at max.

我覺得大部分都很。當然，目前還有一個問題正在進行中，那就是印度大鴇問題，最高法院正在對此發表意見。我認為這是我們在這些項目中面臨的唯一外部因素。但希望這個問題能夠解決，從而不會成為一個限制因素。但無論如何，即使延誤，最多也只會延誤一個月或兩個月。

So it's not going to be substantial from the point of view of impacting financials that much.

所以從財務角度來看，它不會造成太大的影響。

Okay. And lastly, you've commissioned RTC peak power projects. Can you also talk a bit about how those have been going in terms of how much capacity are you now selling outside? And how has the battery performance been.

好的。最後，你們也委託開展了RTC尖峰電力專案。您能否也談談這些產品的銷售情況，例如您目前有多少產能銷往外部？電池效能如何？

I don't think I have exact numbers to give you or to share with you, Puneet, on this one. Anunay or Kailash, if you guys have data then please do go ahead.

普尼特，關於這一點，我恐怕沒有確切的數字可以給你或與你分享。Anunay 或 Kailash，如果你們有數據，請繼續。

So Puneet, on peak power, it's fully commissioned. So the entire 400 megawatts of RE capacity plus 150 megawatt hours of batteries are done. And our experience has been pretty good. On RTC, the batteries are done as well as about 1,100 -- close to 1,100 megawatts of RE capacity, which is about 700 megawatts of wind and 400 megawatts of solar. So nothing really to complain no concerns as such on both these projects on the operating performance.

所以 Puneet，在高峰用電時，它已完全投入使用。因此，全部 400 兆瓦的再生能源容量加上 150 兆瓦時的電池容量都已完成。我們的體驗相當不錯。在 RTC 上，電池已經完成，還有大約 1,100 兆瓦的可再生能源容量——接近 1,100 兆瓦，其中約 700 兆瓦為風能，400 兆瓦為太陽能。所以沒什麼好抱怨的，這兩個專案的營運績效方面都沒有什麼值得擔憂的地方。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗銀行。

Maybe one question just on the manufacturing side. And I think Kailash you talked about normalized margins or hitting that in the future. Can you just talk about like what expectations are on normalized margins in the future for cellular modules?

或許可以問一個關於生產製造方面的問題。凱拉什，我想你之前也談到過正常利潤率或未來達到這個目標。您能否談談未來蜂窩模組的標準化利潤率預期？

So Maheep, it's hard to say at this point in time. When we do our projections, we don't take 35%, 40% type of margins. We are more like reasonable. And it will be a function of what happens as far as the demand-supply situation is concerned. So let's see, it will be hard for me to give you an exact number.

所以Maheep，現在很難說。我們在進行預測時，不會採用 35%、40% 之類的利潤率。我們比較講道理。這將取決於供需狀況的發展。所以，我很難給你一個確切的數字。

Got it. But any thoughts on when we hit that, like maybe 1 or 2 years after the approved list of cell manufacturers go into effect or when we get there?

知道了。但對於我們何時能達到那個目標，大家有什麼想法嗎？例如，在核准的電池製造商名單生效後 1 到 2 年，或是我們何時才能達到那個目標？

So as part of ALMM for sales, also a lot of capacity is coming up. Some of it is coming up now before ALMM comes into being, which is April next year. And so to that extent, there would be some additional supply also, which is there in the DCR market right now. But then again, as the window for ALMM on sales start, then again, you'll see margins spike up briefly. So I think whichever segment of the market, there is scarcity, we are seeing an initial period of, say, 12 to 15 months, 18 months, where we are making higher than our expected margins.

因此，作為ALMM銷售計劃的一部分，也即將推出大量產能。其中一些問題將在 ALMM 正式召開之前出現，ALMM 將於明年四月舉行。因此，從這個意義上講，也會有一些額外的供應，而目前 DCR 市場確實存在這種供應。但話又說回來，隨著 ALMM 對銷售的影響窗口開始，你會看到利潤率短暫飆升。所以我認為，無論市場哪個細分領域出現稀缺，我們都會看到最初的 12 到 15 個月、18 個月的時間，在此期間我們的利潤率會高於預期。

Got it. Got it. And I would love to just kind of question on the privatization bid here. Saw the latest updates from your press release recently. Any updates after that on the offer or any bids you're receiving from other investors (inaudible)?

知道了。知道了。我想就這裡的私有化方案問幾個問題。最近看到了你們新聞稿中的最新動態。此後關於該報價或您收到的其他投資者的任何出價，如有任何更新，請與我們聯絡。（聽不清楚）？

No. If there was any other bid, then that would have had to be announced to the market. At this point in time, the special committee has only received the bid from the consortium.

不。如果有其他競標者，那麼就必須向市場公佈。目前，特別委員會只收到了財團的投標書。

And any thoughts on the time line here? Or the consortium had a time line of, I think, plus 1 year. Is that a fair kind of time line for the closing there?

關於時間安排，大家有什麼想法嗎？或者，該財團的時間表是，我想，再加上一年。這個時間表對那裡的交割來說合理嗎？

I mean that's what they have shared in their filings. Hopefully, we will be efficient about it to the extent some of the processes, which are within the control of the company is concerned.

我的意思是，他們在提交的文件中披露了這些資訊。希望我們能夠有效率地處理一些公司可控範圍內的流程。

Got it. (inaudible)

知道了。（聽不清楚）

Just to clarify, I think they had -- the consortium had indicated T plus 7 to 8 months. And as Kailash said, our assessment is that hopefully it gets sooner than that, and this is perhaps at the more conservative end of the range.

澄清一下，我認為他們——該財團曾表示 T 加上 7 到 8 個月。正如凱拉什所說，我們的評估是，希望它能更快實現，而這或許已經是較保守的估計了。

And we have a follow-up from Nikhil Nigania with Bernstein.

接下來，我們將連線 Nikhil Nigania，聽聽 Bernstein 的後續報導。

I just had one follow-up question. On the 6 gigawatt of solar, which is where the LOA is awarded, but the PPA is not signed, there were multiple press articles recently highlighting government plans to cancel this 42 gigawatts of renewable tenders where the tenders have been awarded, but PPAs have not been signed. Any thoughts on that? In light of that, could this 6 gigawatt go away?

我還有一個後續問題。在 6 吉瓦太陽能專案中（已授予意向書，但尚未簽署購電協議），最近有多篇新聞報道強調政府計劃取消這 42 吉瓦再生能源招標，這些專案的招標已經完成，但購電協議尚未簽署。對此有什麼看法？有鑑於此，這 6 吉瓦的電力工程能否取消？

My view on that, Nikhil, is that there were a lot of things that came out in the press. But finally, the final word on it is what MNRE said, which is that they are working and encouraging the REIAs to get all the PPAs signed and that they will continue to work at it. And any cancellations, if at all, will be done after a lot of effort has been put in and on a very selective and case-by-case basis. So I don't see any blanket sort of decision being taken on this. I think it will carry on for some more time.

尼基爾，我的看法是，媒體曝光了很多事情。但最終，關於此事的最終結論是MNRE所說的，他們正在努力並鼓勵房地產投資協會簽署所有購電協議，他們將繼續為此努力。任何取消（如果有的話）都將在經過大量努力後，並且會根據具體情況進行非常謹慎的篩選。所以我認為不會就此做出任何一刀切的決定。我認為這種情況還會持續一段時間。

People are going to continue to put an effort to get this PPA signed. And it's only after maybe another 6 months, 9 months or a year that we will see what happens in case some of the PPAs even after, let's say, a couple of years of having got bid out have not got signed, what action the government then takes. I think at this point, it's still premature.

人們將繼續努力促成這項購電協議的簽署。或許再過 6 個月、9 個月或一年，我們才能看到，如果一些購電協議在招標幾年後仍未簽署，政府將採取什麼行動。我認為現在談論這些還為時過早。

Now I would like to pass to Anunay Shahi for online questions. Please go ahead.

現在我想把問題交給 Anunay Shahi，回答她的線上提問。請繼續。

Thank you. There are a couple of questions online. One is, Kailash, if you could take this, is what are the plans for refinancing the Diamond II bonds due in 2026 and the ING PH, which is a restricted group issuance, which is due in 2027. And is the plan to refinance it again with dollar bonds or locally in INR.

謝謝。網路上有一些相關問題。凱拉什，如果你方便的話，我想問一下，對於 2026 年到期的 Diamond II 債券和 2027 年到期的 ING PH（受限集團發行）債券的再融資計劃是什麼？計劃是用美元債券還是用印度盧比進行本地再融資？

So the answer to that question is that the maturity for both those bonds are in the late second half of next calendar year. And we are working on plans to refinance it. We will see whichever market offers the lowest cost of capital to refinance, we would pursue the refinancing in that market. Having said that, overall, the financing markets continue to remain quite strong and robust, and access to capital is there across multiple pools that we typically access, which includes not only the dollar bond market, but also the domestic financing market where the public sector undertakings, the financial institutions, the private sector banks, they are all quite active and focused on financing renewable energy projects. So we don't foresee any major challenges in the refinancing whenever that becomes due.

因此，這個問題的答案是，這兩筆債券的到期日都在明年下半年末。我們正在製定再融資計劃。我們將選擇再融資資金成本最低的市場進行再融資。儘管如此，整體而言，融資市場仍然相當強勁穩健，我們通常可以透過多種管道獲得資金，這不僅包括美元債券市場，還包括國內融資市場，其中公共部門企業、金融機構、私人銀行都非常活躍，並專注於為再生能源項目提供融資。因此，我們預計在再融資到期時不會遇到任何重大挑戰。

The second question, Kailash, I think this is for you as well, is on the status of the take-private offer. I think the question is, when do you expect the consortium to firm upon their offer? Is it likely to be in November? And second question is, are you in regular discussions with them? And do you know if they are talking directly with some of your long-term shareholders?

第二個問題，凱拉什，我想這個問題也是問你的，是關於私有化要約的進展。我認為問題在於，您預計該財團何時會最終確定報價？有可能在十一月嗎？第二個問題是，你是否經常與他們討論？你知道他們是否直接與你們的一些長期股東進行過溝通嗎？

Okay. So just let me know if I miss any answer. In terms of process from here on, I think the Special Committee has shown its support to the final nonbinding offer received and asked the consortium to convert the same into a binding offer. And so the expectation is that sometime in the month of November is when we will get the final binding offer from the consortium. From there on, I think there would be a process in terms of documentation.

好的。如果我漏掉了什麼答案，請告訴我。就接下來的流程而言，我認為特別委員會已經表示支持收到的最終不具約束力的報價，並要求財團將其轉化為具有約束力的報價。因此，預計我們將在 11 月收到財團的最終約束性報價。接下來，我認為會有一個文件編制流程。

We signed the transaction agreement, work towards the 13d filings, then E3 filing with the scheme for SEC review. So all of those -- that process will happen. I am in touch with the Special Committee, whenever those meetings get held along with the General Counsel of the company. The Special Committee is engaging with some of the public shareholders, the large public shareholders. And to the extent some of the public shareholders have expressed an interest to also speak to the consortium, I think they are allowing that also or facilitating that rather.

我們簽署了交易協議，準備提交 13d 文件，然後提交 E3 文件供美國證券交易委員會審查。所以所有這些——這個過程都會發生。我與特別委員會保持聯繫，每當這些會議召開時，我都會和公司總法律顧問一起參加。特別委員會正在與一些公眾股東，特別是大型公眾股東進行接洽。而且，如果一些公眾股東也表示有興趣與財團對話，我認為他們也允許或說正在為此提供便利。

So yes, that's -- I think I've answered some of the questions. Did I miss anything, then let me know.

是的，我想我已經回答了一些問題。如果我遺漏了什麼，請告訴我。

No, I think that was perfect.

不，我覺得那簡直完美。

Okay.

好的。

As there are no further questions at this time, this concludes the question-and-answer session and the ReNew second quarter fiscal year '26 earnings report for today. Thank you for participating. You may now disconnect.

由於目前沒有其他問題，今天的問答環節和 ReNew 2026 財年第二季財報到此結束。感謝您的參與。您現在可以斷開連線了。